光明乳业股权激励案例研究

发布时间：2018-08-22 16:12

【摘要】：股权激励作为一项长期激励机制，已经在西方的到了广泛的运用，有着深厚的理论基础和实践基础。理论研究上，，股权激励有委托代理理论、人力资本理论、激励理论、产权激励理论作为支撑；实证研究上，有学者持管理层持股与企业业绩相关论，也有学者持管理层持股与企业业绩无关论，但是大部分学者都认为管理层持股对于企业业绩的提升具有很强的促进作用。近年来，股权激励也开始逐步在国内得到重视和运用。国内大部分学者认同股权激励对企业业绩的积极作用，企业和政府也逐步认同了实施股权激励的重要性和必要性。自国有企业改革以来，国有企业高管薪酬一直颇具争议。股权激励作为国有企业改革所迈出的重要一步，在深化国有企业改革，提高国有企业绩效，实现国有资产保值增值上具有重要意义。但是在国有企业中推行股权激励还有很多障碍，包括治理结构因素、法律法规因素、资本市场因素、业绩指标设置不当等等方面。光明乳业是上海国有企业推行股权激励的第一单。光明乳业选择了限制性股票作为股权激励模式，设置了合理的业绩指标和解锁条件，但另一方面，在行权价格和考核指标的设计上还存在缺陷，但总体上光明乳业的股权激励方案是合理的。光明乳业股权激励方案无疑对我国国有企业推行股权激励具有很强的示范作用。要让股权激励真正起到激励国有企业管理层的作用，笔者认为需要在提高资本市场有效性、完善企业治理结构、设置合理的考核指标体系方面着手改善。
[Abstract]:As a long-term incentive mechanism, equity incentive has been widely used in the West and has a deep theoretical and practical basis. On the theoretical research, there are principal-agent theory, human capital theory, incentive theory, property right incentive theory as the support. Some scholars hold the view that management ownership has nothing to do with enterprise performance, but most scholars think that management ownership plays a very important role in promoting enterprise performance. In recent years, equity incentive has gradually been attached importance and applied in our country. The majority of domestic scholars agree that equity incentive plays an active role in corporate performance, and enterprises and governments have gradually recognized the importance and necessity of implementing equity incentive. Since the reform of state-owned enterprises, executive compensation of state-owned enterprises has been controversial. As an important step in the reform of state-owned enterprises, equity incentive is of great significance in deepening the reform of state-owned enterprises, improving the performance of state-owned enterprises, and realizing the preservation and appreciation of state-owned assets. However, there are still many obstacles to the implementation of equity incentive in state-owned enterprises, including governance structure factors, laws and regulations, capital market factors, improper performance indicators and so on. Bright dairy industry is Shanghai state-owned enterprises to promote equity incentives the first single. Guangming Dairy has chosen restricted stock as the stock right incentive mode, set up reasonable performance index and unlocking condition, but on the other hand, there are still some defects in the design of exercise price and examination index. But overall bright dairy industry's equity incentive plan is reasonable. There is no doubt that the equity incentive scheme of Guangming dairy industry has a strong demonstration effect on the implementation of equity incentive in Chinese state-owned enterprises. In order to encourage the management of state-owned enterprises, the author thinks that it is necessary to improve the efficiency of capital market, perfect the corporate governance structure and set up a reasonable evaluation index system.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.82

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